l:\secfiles\11-K\gmssp_94\salemp94.doc 20
<PAGE>1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the fiscal year ended December 31, 1994
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the transition period from to
--------------------- ---------------------
Commission file number 2-14960
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GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
----------------------------------------------
(Full title of the plan)
General Motors Corporation
767 Fifth Avenue, New York, New York 10153-0075
3044 West Grand Blvd., Detroit, Michigan 48202-3091
---------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313)-556-5000
Notices and communications from the Securities
and Exchange Commission relative to this report
should be forwarded to:
James H. Humphrey
Chief Accounting Officer
General Motors Corporation
3044 West Grand Blvd.
Detroit, Michigan 48202-3091
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FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION BY FUND
AND SUPPLEMENTAL SCHEDULES Page No.
---------------------------------------------------------- --------
General Motors Savings-Stock Purchase
Program for Salaried Employees in the United States:
Independent Auditors' Report. . . . . . . . . . . . . . . 3
Statements of Net Assets Available for Benefits, as of
December 31, 1994 and 1993. . . . . . . . . . . . . . . 4-7
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1994 and 1993 8-11
Notes to Financial Statements . . . . . . . . . . . . . . 12-17
Supplemental schedules:
Line 27a-Schedule of Assets Held for Investment
Purposes as of December 31, 1994. . . . . . . . . . . 18
Line 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1994. . . . . . . . . . . . . 19
Supplemental schedules not listed above are omitted
because of the absence of the conditions under
which they are required.
(b) EXHIBIT
-------
Exhibit 23 - Independent Auditors' Consent . . . . . . . . . 20
SIGNATURE
The Program. Pursuant to the requirements of the Securities Exchange Act
of 1934, the President's Council of General Motors Corporation has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
General Motors Savings-Stock
Purchase Program for Salaried
Employees in the United States
-----------------------------
(Name of plan)
Date June 28, 1995 By:
s/John F. Smith, Jr.
-----------------------------
(John F. Smith, Jr., Chairman
President's Council)
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INDEPENDENT AUDITORS' REPORT
- ----------------------------
General Motors Savings-Stock Purchase Program
for Salaried Employees in the United States:
We have audited the accompanying statements of net assets available for
benefits of the General Motors Savings-Stock Purchase Program for Salaried
Employees in the United States (the "Program") as of December 31, 1994 and
1993, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Program's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Program as of December
31, 1994 and 1993, and the changes in net assets available for benefits for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1)
assets held for investment purposes as of December 31, 1994 and (2) reportable
transactions for the year ended December 31, 1994, are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
information by fund in the statements of net assets available for benefits and
the statements of changes in net assets available for benefits is presented
for the purpose of additional analysis rather than to present the net assets
available for benefits and changes in net assets available for benefits of the
individual funds, and is not a required part of the basic financial
statements. The supplemental schedules and supplemental information by fund
are the responsibility of the Program's management. Such supplemental
schedules and supplemental information by fund have been subjected to the
auditing procedures applied in our audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects when
considered in relation to the basic financial statements taken as a whole.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 2, 1995
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<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
AS OF DECEMBER 31, 1994
<CAPTION>
Supplemental Information By Fund
--------------------------------------------------
Diversified GM Corporation GM Corporation
U.S. Government Common Stock Class E
Total Securities $1-2/3 Par Value Common Stock
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Note A):
General Motors Common Stock:
$1-2/3 par value* $3,805,135,840 $- $3,805,135,840 $-
Class E, $0.10 par value* 564,690,963 - - $564,690,963
Class H, $0.10 par value 205,189,221 - - -
United States Government securities 213,961,469 213,961,469 - -
The General Motors Balanced Fund Master
Trust (Note C) 46,348,150 - - -
Commingled Funds - Equity Index Fund* 775,611,162 - - -
Common Funds - Bankers Trust
Pyramid Directed Account Cash Fund 95,184,584 1,937,486 88,785,293 7,186
Loans to Participants* 450,432,433 - - -
-------------- ------------ -------------- ------------
6,156,553,822 215,898,955 3,893,921,133 564,698,149
Investments, at contract value (Note A):
Investment contracts 2,633,901,041 - - -
Accrued Investment Income 4,481,930 4,481,930 - -
-------------- ------------ -------------- ------------
Total assets 8,794,936,793 220,380,885 3,893,921,133 564,698,149
LIABILITIES:
Due to broker for securities purchased 31,451,815 - 31,451,815 -
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS - - - -
-------------- ------------ -------------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $8,763,484,978 $220,380,885 $3,862,469,318 $564,698,149
============== ============ ============== ============
*Represents 5% or more of net assets available for benefits.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
AS OF DECEMBER 31, 1994
<CAPTION>
Supplemental Information By Fund
-----------------------------------------------------------------------------------------
GM Corporation
Class H Income Balanced Equity Profit
Common Stock Fund Fund Index Fund Sharing Fund Loan Fund
-------------- ------------- ------------- ------------ ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Note A):
General Motors Common Stock:
$1-2/3 par value* $- $- $- $- $- $-
Class E, $0.10 par value* - - - - - -
Class H, $0.10 par value 205,189,221 - - - - -
United States Government
securities - - - - - -
The General Motors Balanced
Fund Master Trust (Note C) - - 46,348,150 - - -
Commingled Funds - Equity Index
Fund* - - - 775,611,162 - -
Common Funds - Bankers Trust
Pyramid Directed Account
Cash Fund 3,364 33,549 2,869,611 1,548,095 - -
Loans to Participants* - - - - - 450,432,433
------------ -------------- ----------- ------------ ------------ ------------
205,192,585 33,549 49,217,761 777,159,257 - 450,432,433
Investments, at contract value
(Note A):
Investment contracts - 2,626,138,120 - - 7,762,921 -
Accrued Investment Income - - - - - -
------------ -------------- ----------- ------------ ------------ ------------
Total assets 205,192,585 2,626,171,669 49,217,761 777,159,257 7,762,921 450,432,433
LIABILITIES:
Due to broker for securities
purchased - - - - - -
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS - 1,358,094 - - (1,358,094) -
------------ -------------- ----------- ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $205,192,585 $2,627,529,763 $49,217,761 $777,159,257 $6,404,827 $450,432,433
============ ============== =========== ============ ============ ============
*Represents 5% or more of net assets available for benefits.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
AS OF DECEMBER 31, 1993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified GM Corporation
Series EE U.S. Government Common Stock
Total Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Note A):
General Motors Common Stock:
$1-2/3 par value* $4,086,575,889 $- $- $4,086,575,889
Class E, $0.10 par value* 549,104,878 - - -
Class H, $0.10 par value 216,689,196 - - -
United States Government Savings Bonds 6,553,117 6,553,117 - -
United States Government securities 281,978,212 - 281,978,212 -
Commingled Funds - Equity Index Fund* 823,866,061 - - -
Common Funds - Bankers Trust Pyramid
Directed Account Cash Fund 69,286,167 71,912 1,839,915 52,105,493
Loans to participants 425,036,226 - - -
------------- --------- ----------- -------------
6,459,089,746 6,625,029 283,818,127 4,138,681,382
Investments, at contract value (Note A):
Investment contracts 2,906,222,412 - - -
Accrued Investment Income 5,557,866 - 5,557,866 -
------------- --------- ----------- -------------
Total assets 9,370,870,024 6,625,029 289,375,993 4,138,681,382
LIABILITIES:
Loans outstanding 20,744,910 - - 15,139,178
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS - - (1,996,798) 17,038,902
-------------- --------- ------------ --------------
NET ASSETS AVAILABLE FOR BENEFITS $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106
============= ========= =========== =============
*Represents 5% or more of net assets available for benefits.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>7
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
AS OF DECEMBER 31, 1993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Corporation GM Corporation
Class E Class H Income Equity Profit
Common Stock Common Stock Fund Index Fund Sharing Fund Loan Fund
-------------- -------------- ----------- ---------- ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Note A):
General Motors Common Stock:
$1-2/3 par value* $- $- $- $- $- $-
Class E, $0.10 par value* 549,104,878 - - - - -
Class H, $0.10 par value - 216,689,196 - - - -
United States Government
Savings Bonds - - - - - -
United States Government
securities - - - - - -
Commingled Funds - Equity
Index Fund* - - - 823,866,061 - -
Common Funds - Bankers Trust
Pyramid Directed Account
Cash Fund 6,520,600 2,746,066 3,151,706 2,809,064 41,411 -
Loans to participants - - - - - 425,036,226
----------- ----------- ------------- ----------- ---------- -----------
555,625,478 219,435,262 3,151,706 826,675,125 41,411 425,036,226
Investments, at contract value
(Note A):
Investment contracts - - 2,892,502,032 - 13,720,380 -
Accrued Investment Income - - - - - -
----------- ----------- ------------- ----------- ---------- -----------
Total assets 555,625,478 219,435,262 2,895,653,738 826,675,125 13,761,791 425,036,226
LIABILITIES:
Loans outstanding 3,182,956 2,422,776 - - - -
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS (577,635) 2,335,125 (9,951,053) (912,254) (5,936,287) -
----------- ----------- ------------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226
=========== =========== ============= =========== ========== ===========
*Represents 5% or more of net assets available for benefits.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>8
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l994
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------
U.S. Diversified GM Corporation GM Corporation
Series EE U.S. Government Common Stock Class E
Total Savings Bonds Securities $1-2/3 Par Value Common Stock
-------------- ------------- --------------- ---------------- --------------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net (depreciation) appreciation in
fair value of investments ($880,406,838) $- ($20,387,204) ($992,110,857) $165,960,001
Dividends 97,780,906 - - 62,635,200 8,437,194
Interest 226,785,025 31,648 21,618,404 1,848,786 98,835
Net investment income from The
General Motors Balanced Fund
Master Trust (Note C) (159,758) - - - -
------------- ---------- ----------- ------------- ------------
(556,000,665) 31,648 1,231,200 (927,626,871) 174,496,030
------------- ---------- ----------- ------------- ------------
Contributions:
Employer 47,135,813 - - 47,135,813 -
Participants' tax deferred 233,669,926 755 7,950,024 90,696,608 26,137,362
Participants' after-tax 82,711,965 - 4,276,112 35,819,802 6,483,480
------------- ---------- ----------- ------------- ------------
363,517,704 755 12,226,136 173,652,223 32,620,842
------------- ---------- ----------- ------------- ------------
Total additions (deductions) (192,482,961) 32,403 13,457,336 (753,974,648) 207,116,872
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
DISTRIBUTIONS TO PARTICIPANTS (394,157,175) (184,064) (15,308,369) (152,163,393) (20,955,703)
TRANSFERS BETWEEN INVESTMENT OPTIONS - (6,473,368) (65,147,277) 628,026,253 (173,327,907)
------------- ---------- ----------- ------------- ------------
NET INCREASE (DECREASE) (586,640,136) (6,625,029) (66,998,310) (278,111,788) 12,833,262
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 9,350,125,114 6,625,029 287,379,195 4,140,581,106 551,864,887
------------- ---------- ----------- ------------- ------------
End of year $8,763,484,978 $- $220,380,885 $3,862,469,318 $564,698,149
============= ========== =========== ============= ============
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>9
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l994
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Corporation
Class H Income Balanced Equity Profit
Common Stock Fund Fund Index Fund Sharing Fund Loan Fund
------------- ------------- ------------ ------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net (depreciation) appreciation
in fair value of
investments ($21,917,022) $- $- ($11,951,756) $- $-
Dividends 4,614,454 - - 22,094,058 - -
Interest 37,367 175,691,432 35,593 2,487 629,658 26,790,815
Net investment income from
The General Motors
Balanced Fund Master
Trust (Note C) - - (159,758) - - -
----------- ------------- ------------- ----------- ---------- -----------
(17,265,201) 175,691,432 (124,165) 10,144,789 629,658 26,790,815
----------- ------------- ------------- ----------- ---------- -----------
Contributions:
Employer - - - - - -
Participants' tax deferred 10,665,899 53,021,145 3,921,535 41,276,598 - -
Participants' after-tax 2,570,533 21,813,721 562,518 11,185,799 - -
----------- ------------- ------------- ----------- ---------- -----------
13,236,432 74,834,866 4,484,053 52,462,397 - -
----------- ------------- ------------- ----------- ---------- -----------
Total additions (deductions)(4,028,769) 250,526,298 4,359,888 62,607,186 629,658 26,790,815
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO DISTRIBUTIONS
TO PARTICIPANTS (7,401,947) (156,213,551) (1,300,755) (32,801,167) (290,381) (7,537,845)
TRANSFERS BETWEEN INVESTMENT
OPTIONS (2,724,310) (352,485,669) 46,158,628 (78,409,633) (1,759,954) 6,143,237
----------- ------------- ------------- ----------- ---------- -----------
NET INCREASE (DECREASE) (14,155,026) (258,172,922) 49,217,761 (48,603,614) (1,420,677) 25,396,207
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 219,347,611 2,885,702,685 - 825,762,871 7,825,504 425,036,226
----------- ------------- ------------- ----------- ---------- -----------
End of year $205,192,585 $2,627,529,763 $49,217,761 $777,159,257 $6,404,827 $450,432,433
=========== ============= ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>10
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified GM Corporation
Series EE U.S. Government Common Stock
Total Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net (depreciation) appreciation in
fair value of investments $2,003,438,120 $- ($4,408,519) $1,939,432,919
Dividends 97,591,555 - - 66,625,916
Interest 235,039,750 404,381 20,822,354 379,391
------------- --------- ----------- -------------
2,336,069,425 404,381 16,413,835 2,006,438,226
------------- --------- ----------- -------------
Contributions:
Employer 43,804,598 - - 43,804,598
Participants' tax deferred 211,605,548 504,371 8,451,567 81,107,407
Participants' after-tax 87,566,052 1,044,540 4,736,198 37,744,289
------------- --------- ----------- -------------
342,976,198 1,548,911 13,187,765 162,656,294
------------- --------- ----------- -------------
Total additions (deductions) 2,679,045,623 1,953,292 29,601,600 2,169,094,520
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
DISTRIBUTIONS TO PARTICIPANTS (362,598,110) (1,371,407) (15,540,063) (165,100,649)
TRANSFERS BETWEEN INVESTMENT OPTIONS - - (5,853,801) (886,362,957)
------------- --------- ----------- -------------
NET INCREASE (DECREASE) 2,316,447,513 581,885 8,207,736 1,117,630,914
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 7,033,677,601 6,043,144 279,171,459 3,022,950,192
------------- --------- ----------- -------------
End of year $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106
============= ========= =========== =============
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>11
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Corporation GM Corporation
Class E Class H Income Equity Profit
Common Stock Common Stock Fund Index Fund Sharing Fund Loan Fund
------------ ------------ ------------ ------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net (depreciation)
appreciation in fair
value of investments ($52,485,963) $69,740,958 $- $51,158,725 $- $-
Dividends 6,752,737 3,733,789 - 20,479,113 - -
Interest 90,560 24,329 183,978,162 90,928 1,137,174 28,112,471
----------- ----------- ------------- ----------- ---------- -----------
(45,642,666) 73,499,076 183,978,162 71,728,766 1,137,174 28,112,471
----------- ----------- ------------- ----------- ---------- -----------
Contributions:
Employer - - - - - -
Participants' tax deferred 24,498,545 7,130,336 51,956,326 37,956,996 - -
Participants' after-tax 6,969,330 2,101,326 23,197,376 11,772,993 - -
----------- ----------- ------------- ----------- ---------- -----------
31,467,875 9,231,662 75,153,702 49,729,989 - -
----------- ----------- ------------- ----------- ---------- -----------
Total additions (deductions) (14,174,791) 82,730,738 259,131,864 121,458,755 1,137,174 28,112,471
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO DISTRIBUTIONS
TO PARTICIPANTS (20,508,037) (6,529,011) (115,221,760) (30,985,323) (502,724) (6,839,136)
TRANSFERS BETWEEN INVESTMENT
OPTIONS 71,138,604 8,979,616 731,047,854 86,123,293 (6,559,786) 1,487,177
----------- ----------- ------------- ----------- ---------- -----------
NET INCREASE (DECREASE) 36,455,776 85,181,343 874,957,958 176,596,725 (5,925,336) 22,760,512
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 515,409,111 134,166,268 2,010,744,727 649,166,146 13,750,840 402,275,714
----------- ----------- ------------- ----------- ---------- -----------
End of year $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226
=========== =========== ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>12
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
A. THE PROGRAM
GENERAL - General Motors Corporation (the "Corporation") established the
General Motors Savings-Stock Purchase Program for Salaried Employees in the
United States (the "Program"), a defined contribution plan, effective on
October 1, 1955. Eligibility is restricted to regular employees of the
Corporation compensated fully or partly by salary and/or commission who are
not represented by a labor organization (unless they are eligible through
understandings reached between the Corporation and their collective
bargaining representatives). Employees are eligible to participate in the
Program as of the first day of the month coinciding with or next following
the completion of six months of employment. The Finance Committee of the
Corporation's Board of Directors acts as the Program fiduciary and, along
with various officers, employees and committees, with authority delegated
from the Program fiduciary, controls and manages the operation and
administration of the Program subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended (ERISA). The following
brief description of the Program is provided for general information
purposes only. Participants should refer to the Program document and
prospectus for a complete description of the Program's provisions.
CONTRIBUTIONS - An eligible participant employed by the Corporation (an
"Employee") may elect to contribute to the Program as follows:
o on an after-tax basis, up to 15% of Employee's eligible salary as
defined in the Program.
o on a tax-deferred basis, an amount of eligible salary which is the
lesser of (1) $9,240 and $8,994 for 1994 and 1993, respectively, or (2)
15% of the Employee's eligible salary for a calendar year.
o in lieu of receiving a distribution from The General Motors Profit
Sharing Plan for Salaried Employees in the United States, an Employee
may elect to have the Corporation contribute, as tax-deferred savings,
100% of any such amount, which vests immediately.
In addition, an Employee also may elect to combine the first two
contribution methods disclosed above, provided that the sum of these
contributions does not total more than 15% of eligible salary for any
calendar year. The sum of all three of the above-described methods of
contribution may only exceed 15% of eligible salary by an amount equal to
the payout under the Profit Sharing Plan. As defined in the Program
document, the Corporation's total matching contribution is limited to 25%
of Basic Savings.
Additionally, an Employee hired on or after January 1, 1993 will
automatically have a Corporation contribution amount equal to 1% of the
Employee's eligible salary credited monthly to such Employee's account.
This contribution is provided because such Employee will receive different
post-retirement benefit treatment from the Corporation than Employees hired
prior to January 1, 1993. Such contribution will be credited to the
Employee's account whether or not the Employee elects to participate in the
Program.
VESTING - Assets derived from Employee contributions and related
Corporation matching contributions and earnings thereon vest immediately on
allocation to the employee's account except for employees with less than
five years of credited service for whom Corporation contributions and
related earnings thereon will vest on June 30 of the third year following
the calendar year in which Corporation and Employee contributions are
received.
INVESTMENT OPTIONS - The Corporation's contributions are invested in
General Motors Corporation $1-2/3 par value common stock. One-half of an
Employee's Basic Savings is required to be invested, in 25% increments, in
any one or more of the Corporation's common stocks ($1-2/3 par value common
- 12 -
<PAGE>13
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
stock, Class E common stock or Class H common stock). The remainder of an
Employee's contributions will be invested at the Employee's direction, in
25% increments, in up to four of the following investment options:
DIVERSIFIED UNITED STATES GOVERNMENT SECURITIES - Investments under this
option consist of short-term and medium-term securities, including bonds,
notes, or bills issued by the U.S. Government or its agencies.
GENERAL MOTORS CORPORATION COMMON STOCK $1-2/3 PAR VALUE, CLASS E, $0.10
PAR VALUE, CLASS H, $0.10 PAR VALUE - Under these investment options,
participant's contributions are invested in the respective General Motors
common stock. The return on a participant's investment is determined by
the market price of the General Motors common stock and by the amount of
any dividends paid thereon.
Each participant directs the Trustee how to vote common stock shares
allocated to his or her account. The Trustee will not exercise voting
rights with respect to those shares for which a direction has not been
received by the required deadline.
INCOME FUND - Funds are invested in investment contracts issued by
insurance companies. The issuing companies have agreed to provide this
fund with a net fixed or floating contract interest rate that is to be
earned over a specified period and payment of principal and interest upon
participant initiated withdrawals and/or transfers of assets.
The annual rates of return, maturity dates, issuing company, and investment
contracts balances at December 31, 1994 and 1993, respectively, are as
follows:
Value as Value as
Annual Rate Maturity of of
of Return Date Issuing Company 12/31/94 12/31/93
- ----------- ---------- ----------------- -------------- --------------
7.35% 12/31/95 Metropolitan Life $231,807,819 $324,812,795
6.79% N/A Metropolitan Life*508,876,568** 549,446,764**
6.73% N/A Metropolitan Life*456,689,234** 549,258,140**
8.87% 12/31/93 Metropolitan Life - 59,977,095
8.95% 12/31/93 Metropolitan Life - 55,633,654
7.41% 12/31/96 New York Life 102,964,326 144,193,063
6.85% 12/31/96 New York Life 50,075,550 70,501,498
8.75% 1/3/95 New York Life 34,991,569 48,387,202
6.86% N/A New York Life* 305,046,851 -
6.86% 12/31/93 New York Life - 275,114,649
8.68% 12/31/94 Prudential
Management 166,519,771 230,418,680
8.90% 12/31/94 Prudential
Management 53,642,425 148,183,780
9.11% 12/31/96 Prudential
Management 22,185,068 30,574,818
9.22% 12/31/96 Prudential
Management 172,505,460 237,497,858
8.45% 12/31/96 Provident National 26,751,982 37,110,726
Variable N/A John Hancock* 93,352,540 -
Variable N/A John Hancock* 119,043,743 -
Variable N/A Mass Mutual* 212,013,870 -
8.73% 12/31/94 Aetna Life &
Casualty 69,671,344 96,361,238
3.50% 12/31/93 Aetna Life &
Casualty - 35,030,072
------------- -------------
Total $2,626,138,120 $2,892,502,032
============= =============
* Individual separate account.
** Represents 5% or more of net assets available for benefits.
UNITED STATES GOVERNMENT SAVINGS BONDS - Prior to January 1, 1994,
participant contributions were invested in Series EE United States
Government Savings Bonds. Effective January 1, 1994, the United States
Government Savings Bonds investment option was no longer offered as an
investment option.
- 13 -
<PAGE>14
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
EQUITY INDEX FUND - Under this investment option, participant contributions
are invested in a portfolio of common stocks managed by an investment
manager. The investment manager maintains a portfolio which is designed to
match the performance of the Standard & Poor's 500 Index. This Index is a
broad-based index of large companies which operate in a wide variety of
industries and market sectors and which represent over two-thirds of the
market capitalization of all publicly traded common stocks in the United
States.
Assets invested in the Equity Index Fund are expressed in terms of units.
The number of units credited to a participant's account will be determined
by the amount of deferred savings and the current value of each unit in the
Equity Index Fund. The following summarizes the Fund's number of units and
the current value of each unit for the specified periods ended:
Number Current Value
of Units of Each Unit
-------- -------------
At December 31, 1993 804,784.6177 $1,023.71
At December 31, 1994 747,865.3572 1,037.10
BALANCED FUND - Under this investment option, initially made available to
Program participants on February 1, 1994, contributions are invested in
equity and fixed income investments selected from opportunities available
in the entire global capital market, including large and small
capitalization common stocks, investment grade bonds, and commingled trust
funds. Investments may also include non-investment grade bonds,
convertible securities, real estate, emerging market investments, and
venture capital, and may be issued by U.S. and non-U.S. issuers.
Assets invested in the Balanced Fund are expressed in terms of units and
are valued in the same manner as noted above for the Equity Index Fund.
The following summarizes the Balanced Fund's number of units and the
current value of each unit for the specified periods ended.
Number Current Value
of Units of Each Unit
-------- -------------
At December 31, 1994 465,763.7423 $99.51
PROFIT SHARING FUND - Prior to January 1, 1994, any profit sharing amounts
which the Employee contributed to this investment option were invested in:
(a) the Corporation's $1-2/3 par value common stock, (b) an investment
contract, or (c) one-half in $1-2/3 par value common stock and one-half in
an investment contract, as elected by the Employee. Effective January 1,
1994, this investment option was no longer available and upon expiration of
investment contracts, employee contributions and interest earned thereon,
were automatically transferred to the Income Fund or to other funds as
elected by the participant.
LOAN FUND - Employees may borrow once per year from both their tax deferred
and after-tax savings assets (excluding Corporation contributions, and
earnings thereon subject to the required retention period). The amount and
terms of the loans are limited under the Program. The loan interest rate
will be established once each quarter at a rate equal to the prevailing
prime lending rate as of the last business day of the previous quarter and
will apply to all new loans issued. Repayment of loans is generally made
through after-tax payroll deductions and are invested in the same
discretionary investment options that the Employee selected for their
savings contributions. Interest paid on the loans is credited back to the
borrowing employee's account in the Program. Partial and total prepayment
of loans is permitted at any time, without penalty. Loans not repaid
within the loan term are deemed to be distributions from participants'
accounts.
- 14 -
<PAGE>15
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
TRANSFERS OF FUNDS - Participants may transfer funds between investment
options once per month. This provision does not apply to Employee
contributions and all Corporation contributions required to be invested in
Corporation common stocks during the required retention period. Employee
contributions required to be invested in the Corporation's common stocks
may be transferred among the Corporation's common stocks during the
required retention period. Participants may also transfer funds in the
Profit Sharing fund once each calendar year. No transfers into the Profit
Sharing fund are allowed.
PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account
at any time after attaining age 59-1/2, or prior to age 59-1/2, because of
termination of employment, death, total and permanent disability, or
financial hardship. Prior to receiving a withdrawal for financial
hardship, a participant previously must have taken all available asset
distributions, withdrawals, and loans under all applicable plans maintained
by the Corporation. The amount that may be withdrawn for a financial
hardship is limited as defined in the Program. The funds that represent a
hardship distribution must conform to conditions required by the Internal
Revenue Service (the "IRS"). A participant who receives a hardship
distribution shall have his or her contributions to the Program suspended
for 12 months following the distribution as required by law.
Withdrawals payable to participants included in net assets available for
benefits were $0 and $20,582,936 at December 31, 1994 and 1993,
respectively.
LINE OF CREDIT - Loans outstanding at December 31, 1993 represent draws on
a $112,500,000 line of credit with NationsBank N.C., N.A. The line of
credit was terminated on December 31, 1994. All administrative costs and
interest associated with the line of credit were paid by the Corporation.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
o The financial statements of the Program are prepared under the accrual
method of accounting.
o Investments are stated at fair value, except for investment contracts,
which are stated at contract value. Fair values are calculated by
reference to published market quotations, where available; where not
available, various bases, including cost, are used in determining
estimates of fair values. Contract value represents contributions made
under the investment contracts, plus interest, less withdrawals and
administrative expenses charged by the issuer of the contract.
o Security transactions are recorded on the trade date.
o Investment income is recognized as earned based on the terms of the
investments and the periods during which the investments are owned by
the Program.
o Certain costs of Program administration are paid by the Corporation.
C. THE GENERAL MOTORS BALANCED FUND MASTER TRUST
Investments in the Balanced Fund are held in The General Motors Balanced
Fund Master Trust (the "Master Trust") established by the Corporation in
1994. The Master Trust contains an account for each of the three
investment managers and a contribution/distribution account.
The Master Trust permits commingling of the assets of more than one
employee benefit plan sponsored by the Corporation for investment and
administrative purposes. Each of the plans participating in the Master
Trust has an undivided interest in the net assets of the Master Trust. As
of December 31, 1994, the Program had approximately a 79% interest in the
Master Trust. The net asset value of the Master Trust is calculated on a
semi-monthly basis and is allocated to each participating plan based on the
Program's interest in the Master Trust, as compared with the total interest
in the Master Trust of all the participating plans.
- 15 -
<PAGE>16
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
The assets of the Master Trust at December 31, 1994 are summarized as
follows:
Equity investments $8,144,644
Fixed income investments 995,945
Commingled trust funds:
Pooled corporate obligations 13,305,365
Pooled common stock 15,750,831
Pooled multi-asset portfolio 19,319,190
Short-term investments and other assets, net 916,607
-----------
Total $58,432,582
===========
The Master Trust's total investment return for the year ended December 31,
1994 is summarized as follows:
Interest $110,702
Dividends 319,227
Commingled trust funds 346,745
Net depreciation in fair value of investments (868,385)
-----------
Total Investment Return ($91,711)
===========
D. TERMINATION OF THE PLAN
Although it has not expressed any intent to do so, the Corporation has the
right to terminate the Program subject to the provisions of ERISA. Such
termination of the Program, if any, would not affect a participant's
interest in assets already in the Program.
E. FEDERAL INCOME TAXES
In August 1989, the Program was determined by the IRS to be a tax-qualified
employee benefit plan, meeting the requirements of Sections 401(a) and
401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and
the Trust established thereunder was determined to be exempt from United
States Federal income taxes under Section 501(a) of the Code. The Program
has been amended since the effective date included in the determination by
the IRS. In March 1995, the amended Program was submitted for another IRS
determination, which is currently pending. The Program's fiduciary and tax
counsel believe that the Program is designed and currently being operated
in compliance with the applicable requirements of the Code.
F. SUBSEQUENT EVENTS
The following modifications were made to the Program effective January 1,
1995:
o Accounts will be valued daily rather than semi-monthly;
o Assets may be transferred among any of the investment options on any
business day;
o Investment option elections will be permitted in 10% increments instead
of the previous 25% increments;
o Investment option changes can be made on any business day;
o The requirement to retain one-half of Basic Savings in General Motors
Corporation common stocks has been reduced from 2-1/2 years to the end
of the calendar year in which contributions are made;
o Account balance statements will be furnished four times per year instead
of the previous two times per year;
- 16 -
<PAGE>17
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
o A new investment option, "Mutual Funds," has been added to the Program
which offers many individual mutual funds;
o The existing investment option, "Diversified U.S. Government
Securities," has been eliminated from the Program;
o Separate master trusts were established for investments in the
Corporation's common stocks, the Equity Index Fund, and the Income Fund.
Such master trusts permit commingling of the assets of more than one
employee benefit plan sponsored by the Corporation for investment and
administrative purposes.
o The specified annual interest rate for assets in the Income Fund
investment option will be determined quarterly instead of monthly.
o The Corporation's common stock investments will be converted to unitized
company stock funds.
* * * * * *
- 17 -
<PAGE>18
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
<CAPTION>
Current
Description of Investments Cost Value
-------------------------- -------------- --------------
<S> <C> <C>
General Motors Common Stock*:
$1-2/3 Par Value (89,796,716 shares) $3,626,800,782 $3,805,135,840
-------------- -------------
Class E, $0.10 Par Value (14,572,670 shares) 329,173,041 564,690,963
-------------- -------------
Class H, $0.10 Par Value (5,852,099 shares) 159,808,270 205,189,221
-------------- -------------
Diversified U.S. Government Securities:
Treasury Notes at 7.875%, Due 04-15-98 14,617,646 13,913,066
Treasury Notes at 6.750%, Due 02-28-97 6,450,938 5,881,860
Treasury Notes at 8.875%, Due 02-15-96 27,638,151 25,675,452
Treasury Notes at 7.375%, Due 05-15-06 33,957,376 32,039,797
Treasury Notes at 7.250%, Due 11-15-96 11,930,808 10,899,207
Treasury Notes at 8.500%, Due 05-15-97 8,630,392 8,022,310
Treasury Notes at 8.875%, Due 11-15-97 8,665,863 8,031,658
Treasury Notes at 9.375%, Due 04-15-96 47,550,668 43,381,744
Treasury Notes at 7.875%, Due 07-15-96 20,832,016 19,478,764
Treasury Notes at 8.500%, Due 04-15-97 27,130,571 25,227,825
Treasury Notes at 8.750%, Due 10-15-97 4,547,851 4,345,625
Treasury Notes at 7.875%, Due 01-15-98 14,713,459 14,058,551
Treasury Notes at 7.500%, Due 01-31-96 3,174,844 3,005,610
-------------- -------------
Total Diversified U.S. Government Securities 229,840,583 213,961,469
-------------- -------------
The General Motors Balanced Fund Master Trust 46,505,386 46,348,150
-------------- -------------
Commingled Funds - Equity Index Fund 763,647,911 775,611,162
-------------- -------------
Common Funds - Bankers Trust Pyramid Directed
Account Cash Fund 95,184,584 95,184,584
-------------- -------------
Loans to Participants* 450,432,433 450,432,433
-------------- -------------
Investment Contracts:
- ---------------------
Issuing Company Contract Rate
------------------- ---------- ----
Metropolitan Life 12834 7.35% 231,807,819 231,807,819
Metropolitan Life** 13415 6.79% 508,876,568 508,876,568
Metropolitan Life** 13414 6.73% 456,689,234 456,689,234
New York Life GA05699 8.75% 34,991,569 34,991,569
New York Life GA06362 7.41% 102,964,326 102,964,326
New York Life GA06362-002 6.85% 50,075,550 50,075,550
New York Life** GA06691 6.86% 305,046,851 305,046,851
Prudential Management 6171-212 8.68% 166,519,771 166,519,771
Prudential Management 6171-211 8.90% 53,642,425 53,642,425
Prudential Management 6171-213 9.11% 22,185,068 22,185,068
Prudential Management 6171-214 9.22% 172,505,460 172,505,460
Provident National 027-04959 8.45% 26,751,982 26,751,982
John Hancock** 7272SA77 Var. 93,352,540 93,352,540
John Hancock** 7271SA76 Var. 119,043,743 119,043,743
Mass. Mutual** 10753 Var. 212,013,870 212,013,870
Aetna Life & Casualty LT-13100 8.73% 69,671,344 69,671,344
Aetna Life & Casualty LT-13100-2 8.28% 6,404,828 6,404,828
Aetna Life & Casualty LT-13100-1 8.84% 1,358,093 1,358,093
------------- -------------
Total 2,633,901,041 2,633,901,041
------------- -------------
Total Investments $8,335,294,031 $8,790,454,863
============= =============
*Party-in-Interest
**Individual Separate Account
</TABLE>
- 18 -
<PAGE>19
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Purchases Sales
-------------- ---------------------------------------
Identity of Purchase Sales Original Net Gain
Party/Broker Description of Asset Price Price Cost (Loss)
- ------------ -------------------- -------------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C>
SERIES REPORTABLE TRANSACTIONS
------------------------------
*Bankers Trust General Motors Common Stock,
$1-2/3 par value
(136 purchases, 104 sales) $1,544,171,373 $797,891,780 $682,447,411 $115,444,369
*Bankers Trust General Motors Common Stock,
Class E, $0.10 par value
(237 sales) - 526,543,317 439,553,067 86,990,250
*Bankers Trust BT Pyramid Directed Account
Cash Fund
(626 purchases, 479 sales) 1,571,213,3061,545,621,421 1,545,621,421 -
Wells Fargo Equity Index Fund (8 sales) - 839,319,188 569,853,629 269,465,559
SINGLE REPORTABLE TRANSACTIONS
------------------------------
Wells Fargo Bank Equity Index Fund - 775,820,285 527,320,850 248,499,435
State Street Bank Equity Index Fund 775,820,379 - - -
*Party-in-Interest.
</TABLE>
- 19
L:\secfiles\11-K\gmssp_94\GMSSP23.DOC1
<PAGE>1
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No. 33-
49245 of General Motors Corporation on Form S-8 of our report dated June 2,
1995 appearing in this Annual Report on Form 11-K of the General Motors
Savings-Stock Purchase Program for Salaried Employees in the United States for
the year ended December 31, 1994.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 28, 1995
- 20 -
